For all you hoping for tether to die a quick and spectacular death, what do you think is going to happen?

Been seeing even more “rip the bandaid off” and more amateur sleuthing into how tether is worthless/smoke and mirrors. Some have gone so far to call tether a cancer that must die for crypto to ascend to some magical new ath.

Personally, I acknowledge that they aren’t a model coin and do have suspicious backing/audit history, but I’m not rooting for their outright implosion. I seriously think people underestimate the ripple effects throughout crypto that would happen if USDT went bust. Something like 60-70% of all BTC volume is done through USDT and it’s a massive part of crypto volume in general. It this goes up in smoke, then exchanges can go under and volume would dry up considerably. This would lead to massive price drops and liquidity crises that would give governments free reign to completely shape crypto with whatever regulations they see fit.

I’d prefer for USDT to slowly be replaced by USDC/DAI/etc and be less influential rather than the above scenario. Why do so many people think that USDT going bust would only cause short term pain?

Disclaimer: been around since 2017 and yes, I know about Mt. Gox. Something like this would be worse Imo.